Oil prices fall on U.S. crude inventory build, record Saudi output

This article originally appeared first on Oil-Trading.Co. See the full article here.
Oil prices fell early on Thursday as a build in U.S. crude inventories and record Saudi Arabian production weighed on markets.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $41.34 per barrel at 8.32 p.m. ET, down 37 cents, or 0.9 percent, from their last settlement.
International Brent crude futures LCOc1 were at $43.72 a barrel, down 33 cents, or 0.8 percent.
Oil fell sharply after data from the U.S. Energy Information Administration <EIA/S> showed crude inventories rose 1.1 million barrels in the week ended Aug. 5. Analysts polled by Reuters had expected a 1.0 million-barrel crude draw instead.
“Crude oil stocks rose 1.06 million barrels to 523.6 million barrels. The unexpected rise was driven by reduced operating rates at refineries, which fell 1.1 percent to 92.2
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http://grafill.us/oil-prices-fall-on-u-s-crude-inventory-build-record-saudi-output/
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